Acorda(ACOR) - Get Report shares fell Thursday after the company suffered a first quarter earnings miss. Net revenue for its Ampyra totaled $112 million, short of the $121 million consensus. The company did re-affirm guidance for full-year Ampyra sales in the range of $535-545 million.
The shares closed at $15.55, down 5.76%.
The experimental Parkinson's disease drug CVT-301 has a new brand name, Inbrija, and will be filed with the FDA in the second quarter. A European approval filing will be completed by the end of the year. The company decided not to move an experimental acute migraine drug CVT-427 into a phase II study.
Acorda slashed $50 million in operating expenses for 2017 in a restructuring that terminated a large number of employees earlier this quarter. CEO Ron Acorda still hasn't said if he's taking a pay cut but the company's proxy statement indicates he's getting a 3% bump in his 2017 salary.
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